"There will be no social PSA in France," said Nicolas Sarkozy, to mark the third anniversary of the creation of the Strategic Investment Fund (ISF). Picking up on the commitments of Philippe Varin , CEO of the group, it has has ensured that some 2000 employees of the group directly threatened in France (excluding retirements) would be "reclassified all."Nicolas Sarkozy was outraged to learn that Renault, which the state holds 15% stake, plans to transfer all of the production of its Clio 4 future in Turkey. Carlos Ghosn had to backtrack after being summoned to the Elysee.

The automotive industry employs, directly or indirectly, 2.3 million people in France, 9% of the employed population.

For the euro, auctions have never been so high. The Heads of State or Government rejected twice by the end of the game. They meet Wednesday night to decide on a "package" massive enough to stop the contagion of debt, no more poor national treasuries and banks already weakened by the crisis.

Prime Minister François Fillon asked Tuesday the issues preventing a failure "could push the European continent to unknown lands." The common currency is, with the single market, the cement of the EU. Dramatization, she stretches under the gaze of politicians: in Rome, London or Berlin, the crisis of the euro weakened government coalitions. The majority of Silvio Berlusconi Tuesday seemed on the verge of bursting.David Cameron faces a near-rebellion in its ranks conservatives, not on the euro but even on membership of the United Kingdom to the EU.

Defense against infection

For now, Angela Merkel seems less threatened. But witness the influence of its parliamentary majority on crucial European choices, the Chancellor will accept the decisions of the summit after obtaining a travel order tightened the Bundestag. "There is no need to top, just look at the parliamentary debate before the Bundestag on TV," a European diplomat scoffed Tuesday. At the heart of the debate in Germany find themselves the roles of the European bailout fund and the ECB's refinancing loans become vulnerable to large countries like Italy or Spain.

The drama may come from Silvio Berlusconi.Italy, the third continent's economy, has taken the place of Spain in the nightmares of the leaders of the euro area. To it they think of first when they say they want to erect a barrier against infection. Nicolas Sarkozy has strongly requested the Italian Prime Minister to introduce an austerity plan credible to their peers. Tuesday evening, all indicated that the Cavaliere would arrive in Brussels on hands almost empty. He could get away with a pirouette. "Who will take the risk of rekindling the fire on the euro, claiming that Italy is definitely not serious?" Asks a well-placed observer.

Tuesday in Brussels, experts and diplomats continued to activate a device described as "quite substantial".But this is not the only issue: Wednesday evening, "it will be for each to balance the three points of a triangle: accept economic reality difficult to convince a sustainable markets and minimize the impact of the election austerity" . The crisis has entered its most political.

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After the removal last week of raising VAT on theme parks, the UMP president of the National Assembly, Bernard Accoyer, pleaded Tuesday morning in an interview with Les Echos, a lower threshold for taxation of high income. Those reporting more than 250,000 euros would be affected, while the government's plan was initially not as income of more than 500,000 euros.

"It's still very high level. I think this discussion will be debated in Parliament. I am at least favorable, "said Bernard Accoyer. A proposal that the government seems willing to consider instant credit report.Europe 1 this morning, the Minister of Economy, Baroin, said here that "it will be discussed in the budget for next year. We made a proposal, the debate is open. " This measure, however, should be discussed in October.

Remove the Consolidated Global Profit

The government and members of the majority, however, have already agreed on Monday to restore the deduction on real estate gains after 30 years of detention of property, excluding primary residence. To fund this measure, the budget minister, Valérie Pécresse, expressed on Tuesday on Canal + ready to tighten the tax on luxury hotels and large groups.

"Whatever the arrangements, relaxations or changes you make to a particular measure, it will have to be fully compensated," recalled the minister.

Markets reacted to a volley of announcements of mergers and acquisitions. First, Google (-1.16% to 557.23 dollars) has announced the acquisition of the mobile phone manufacturer Motorola Mobility (55.78% to 38.12 dollars) to $ 12.5 billion in cash. Time Warner (-0.81% to 64.98 dollars), meanwhile, reached an agreement to buy the cable operator Insight Communications to Carlyle for $ 3 billion.Finally, Cargill will acquire the French specialist in animal feed Provimi to 1.5 billion euros.

As in Europe, investors are upbeat on the eve of an important meeting between French President Nicolas Sarkozy and German Chancellor Angela Merkel on the reform of the governance of the euro area. They should discuss ways to implement to prevent contagion problems of sovereign debt to the rest of the region.

But Germany has already warned investors: this meeting will lead to "nothing spectacular". "It will be a working meeting on the governance of the euro area in line with European decisions taken in late July," said the spokesman of the Ministry of Finance. The latter also confirmed the skepticism German, joined by France, in respect of Eurobonds.These ads have already resulted in demoralizing the European investors.

In Asia, the announcement of a contraction much weaker than expected Japanese GDP has also reassured the markets.

Morale builders stable

The statistics published on Monday in the U.S. are, however, bleak. Manufacturing activity in the New York area declined for the third consecutive month at -7.7, 3.9 points lower than in July.

In real estate, the NAHB index released on Monday shows that the morale of the manufacturers was unchanged in August, close to its lowest historical levels.

Note that the currency market, the euro strengthened against the greenback at 1.444 dollar. Oil markets, oil prices closed up in New York payday loan. A barrel of "light sweet crude" for September delivery was trading at 87.88 dollars, up 2.50 dollar.Prices had fallen during the European trading, erasing their gains made in Asian trade in a market nervous and still haunted by persistent concerns about global growth and the debt crisis in the eurozone. A barrel of Brent North Sea crude for September delivery was trading at 107.56 dollars on the Intercontinental Exchange (ICE) in London, down 47 cents from Friday's close.

Google swallows Motorola Mobility

On the corporate side, Bank of America (7.93% to 7.76 dollars) has announced the sale of its activities in the international credit cards in Britain, Ireland or Canada.

The food distributor Sysco (-3.93% to 28.11 dollars) announced earnings per share (EPS), diluted to 57 cents under its fourth quarter, diluted EPS of $ 1.96 for all of its financial year, while its quarterly sales reached $ 10.4 billion.

Estee Lauder fell 6.64% to 94.15 dollars. Despite the publication of a net income group share record of $ 700.8 million, up 46.5%, the cosmetics group announced its annual results would be below Wall Street expectations.

Lowe (0.82% to 19.58 dollars) has already reported sales below expectations in the second quarter of its fiscal year and lowered its annual targets for the second time in three months, consumers pushing their development projects until later because of sluggish growth.

Boeing (1.54% to 62.70 dollars) announced it had completed with Air Lease Corp. an order valued at $ 2.5 billion on 14 737-800 aircraft and five 777-300ER.

Pfizer (2.69% to 18.34 dollars) announced Monday it had won before a U.S. court case against Teva Pharmaceutical Industries of Israel, preventing the global generics to produce a copy of Viagra before 2019 .

Transocean (2.97% to 57.26 dollars), listed in New York, wants to buy the Norwegian group Aker Drilling, for a total of 1.1 billion Swiss francs (1 billion), according to a statement Monday.Several large shareholders, representing 65% of the capital, have agreed to the deal, said the Swiss.

The American specialist craft materials Grainger (2.01% to 138.57 dollars) on Monday announced the acquisition of the Dutch distributor of fasteners Fabory Group for $ 344 million (242 million).

• Maintenance of imminent G7 finance ministers. Finance ministers of the G7, which includes the U.S., Germany, Japan, France, Canada, Italy and Britain, have stepped up telephone contacts this weekend in order to develop a common strategy to offer.After heavy turbulence in global financial markets, which lost 2,500 billion during the past week, they must reassure investors about the ability and determination of their countries to reduce deficits and public debts. A telephone conference of finance ministers and central bankers to be held Monday, according to Japanese news agency Kyodo. Interviews are tentatively scheduled before the opening of Asian markets (in the night from Sunday to Monday in Europe).

• A G20 focused on the debt. More broadly, the G20, which groups the world's major economies, contacted by telephone Sunday morning to discuss the consequences of the debt crisis on both sides of the Atlantic. Nothing had filtered from the meeting at noon.Only South Korea said that its confidence in the U.S. Treasury had not changed despite the decision of Standard & Poor's. "There will be no change in the policy of foreign exchange reserves of South Korea," said Vice Minister of Finance.

• The ECB will speak Sunday. Among the tracks in the study is a possible intervention by the European Central Bank, which could buy government bonds in Italy and Spain. This intervention is strongly demanded by the markets payday loans. The European Central Bank Thursday reactivated its share repurchase program of sovereign debt in order to calm soaring interest rates in some countries of the euro area, but has so far bought only small amounts of debt and Irish Portuguese, while speculation is focused on Italy and Spain.If the decision to intervene is taken, the ECB and national central banks will begin to redeem the bond markets open Monday. A meeting of governors will be held Sunday to 18 hours.

• Nicolas Sarkozy met with David Cameron on Saturday. The President, who chairs the G7 and G20 met Saturday evening on the phone for thirty minutes of the financial situation with British Prime Minister. The two men "agreed on the importance of working together to monitor the situation closely and keep in touch in the coming days," said a London spokesman for Downing Street, without giving further details. The discussion between the two leaders has focused on his view "the euro area and the lowering of the rating American."

• Barack Obama called on Europeans Friday night.According to the White House, Bush spoke by phone separately with President Sarkozy and German Chancellor Angela Merkel about "the latest developments of the crisis in the euro zone" and noted "the importance of [the] implementation "of measures adopted at the summit of the euro area on July 21. The leaders of the eurozone had concerted Friday after finding that the agreement found to cope with the debt crisis had not convinced the markets. If Italy and Spain are at the heart of the turmoil, other countries are also affected such as Belgium.

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"The performance of credit rating agencies

"Who owns the Debts

The U.S. agency has assessed 35 companies listed on the Shanghai and is ready to review its portfolio of Chinese. She considers their standard accounting and trading in Shanghai as many "key indicators of their weakness."

Although the Chinese accounting standards, adopted in 2006, are very close to IFRS (international financial-reporting standards), audit firms have not the confidence of investors, and obviously not the rating agencies which still largely prefer the four major (Ernst & Young, KPMG, PriceWaterhouseCoopers and Deloitte & Touche).The Fitch report said that companies from these large firms "would be more difficult to publish than those fraudulent reports go through domestic companies."

Fitch does not mean to review the scores awarded to different companies observed, adding that they "are already taking into account the context of a Chinese legal environment and an under-developed documentation, practices and specific business low corporate governance practices. "

Nevertheless, this case is the latest blow to Chinese companies. Last week, Moody's, which was hoisted the "red flags" of sixty-one companies that note. Fitch's rival evoked particular the opacity caused by a family shareholding in forty-three of them.

For several weeks, scandals involving Chinese companies listed multiply.Everything was packed in June, with the case Sino-Forest the title of which collapsed in Toronto. Since February, the business of handling accounts or misrepresentation of results had already forced many companies to delist in the U.S..

Loss of confidence

In total, nearly forty companies have shown irregularities, not the United States. The Securities and Exchange Commission (SEC), Constable of U.S. markets, has established a special committee to investigate these Chinese companies.

Hong Kong is no exception.The financial analysis firm Dealogic calculates that Chinese private enterprises were canceled or postponed them of trading, the equivalent of $ 3.8 billion.

Finally, there is a shift among investors who gradually give more confidence in the state, whose sovereign debt is rated A + by Fitch and Aa3 by Moody's, as private companies.

The increase is explained by a return to normal imports of parts produced in Japan, interrupted after the earthquake. "The disruption of production caused by the disaster Japanese, which affected production in March and April, were apparently stronger is believed," Dominique Barbet analysis, economist at BNP Paribas.

The car saw its production increase by 2.5%

All sectors are displayed in green in the month of MayThe production of electronic and computer equipment rose 2 online pay day loans.3%, the textile industry of 1.3% and rubber and plastics 2.2%. The car, itself, saw its production to rebound by 2.5%. In this context, chemistry and medicine show more modest increases of 0.3% and 0.5% in May Only agricultural and food industries suffer a decline of 0.2% of their business.

From March to May, manufacturing output increased by 0.9%. Compared to the same period last year, manufacturing output rose 4.8%, INSEE said. Despite these positive figures, French growth to slow in the coming months, according to the Bank of France. The institution has revised down its outlook, relying now on an increase of 0.2% of GDP for the second quarter (April to June).

Specifically, the site presents a selection of projects to be financed in a variety of countries (currently Peru, Lebanon, Senegal, Tajikistan, Cambodia pending, the Philippines and Madagascar). On the basis of information given to them, employees may choose to assist a particular activity: the purchase of pigs, creation of woolen hats, launching a candy … The proposed assistance takes the form of a 0% interest loan of EUR 20 minimum, payable in 6 to 18 months.The money is paid directly online (via credit card or Paypal account) and the loan is secured by local microfinance institutions. After retrieving their application, lenders are obviously free to reinvest or not the amounts paid on other projects. The site is open to employees and everyone who would be invited by employees.

The project has been fully assembled by MicroWorld, a subsidiary of PlaNet Finance, an NGO founded by Jacques Attali in 1998. Until now GDF Suez already funding specific programs through PlaNet Finance (Microfinance & Energy in Morocco and Egypt "Business in Suburbs in France). With this initiative, "Suez regains its banking business," joked Jacques Attali before noting: "Today's world is not socially sustainable.To reduce this gap, democracy is the first medium and the second is to give people the means to achieve ". Knowing that many of them will create their own jobs, he said that credit is a key lever for growth of these enrepreneurs. Even should you avoid some pitfalls: microcredit must learn to go along with ecology to be truly sustainable and must avoid certain abuses observed in India in particular or some companies claiming solidarity finance is much closer to practices of loan sharks.

GDF Suez side, if the group has funded the launch of this initiative and promises of matching shapes subsidized loans, it also recognizes the benefits expected from this operation. Firstly in terms of internal cohesion.The website encourages the creation of virtual communities and circles that can strengthen the bonds within a group and engage the best young troops. And then of course there is the group's image. CEO Gerard Mestrallet has also not stood in the preamble to introduce the launch of the new advertising group whose slogan is "Be good to men" and his view that illustrates the positioning of the company.

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Created in 2005, RenRen claims 160 million users, including 31 million active monthly (cons over 600 million for Facebook). Its turnover amounted to 20.5 million in first quarter 2011, up 46% in one year, $ 2.6 million net loss.